GST Council meet to review implementation today

The Goods and Services Tax (GST) Council will meet today to review the implementation of GST which was rolled from 1st of July, this year.

The GST Council at its meeting will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest.

Earlier this week, Finance Minister Arun Jaitley had said, it is mandatory for manufacturers to pass on benefits of reduction in taxes post GST to consumers. He had said, the anti-profiteering law simply states that the businesses have to pass on the benefits arising out of lower taxes to the consumer.

The GST Council is also likely to lower tax rate on job works making fabric to garments to 5 per cent and put in place a mechanism for online registration of goods above a certain value before they can be transported.

Central Board of Excise and Customs Chairperson Vanaja Sarna has said that movement of goods between states has smoothened with 25 out of 29 states abolishing checkposts. #casansaar (Source - NewsonAir)